Hyderabad: Ever since the real estate buzz started getting louder two decades ago, much of the focus has been on built-up spaces. If initially it was inspired by people who did not have their own home, their aspirations were joined by investors when the reality of realty dawned on them that money (…)
Published date – 22 July 2022, 11:16 pm
Hyderabad: Ever since the real estate boom began two decades ago, much of the focus has been on built-up space. If initially it was driven by those who had no home to call their own, their aspirations were joined by investors when the reality of realty dawned on them that making money in property was not only a safe bet but also yielded much higher returns. Get. Thus, the property boom began.
Until the boom, buying a home was a dream to be achieved before the earnings phase ended. For most families, mainly from the then elite middle class, it was like chasing a rainbow.
However this changed when the younger generation, inspired by the boom in the IT and ITES sectors, was able to get high-earning jobs and revolutionized the entire approach to wealth. Even now, the attraction of real estate is also driven by early earners and those who went abroad for education and once started earning, send money back home to their parents.
Such was the pace and resulting demand that builders were executing multiple projects simultaneously. As the open space available in the city’s immediate fringes became exhausted, the trend of demolishing independent houses and replacing them with apartments increased. And when that happened, caravans of builders and buyers moved into the suburbs and replaced them with taller structures.
As apartment culture took hold, the demand for larger built-up spaces also increased and the first casualty was single bedroom flats. Even 2BHKs have started losing their luster as the desire for larger spaces has still led to demand for 3BHKs and triplexes and villas!
However, at the same time, there seems to be a muted revival in demand for planned development in the last two years. Unlike earlier decades, when owners of vast tracts of open land would get them plotted and sold as individual units, many large developers are now joining the trend.
Anarock Property Consultants noted in a report that the growth plotted as an investment asset class has gained significant momentum in the post-pandemic world. “Since 2020, many large and listed developers have been offering plots, leading to an increase in demand and prices in key micro markets in top cities,” it said.
In its report, ANAROCK cites its data on the top seven cities – Hyderabad, Bengaluru, Chennai, Pune, Kolkata, MMR and NCR, which witnessed supply of newly plotted developments from 2020 and witnessed good appreciation over the last 2.5 years Went. “COVID-19 has strengthened the demand for land for long-term investments, with plotted developments in Hyderabad, Bengaluru, Chennai, Pune, MMR and Kolkata also gaining momentum,” it said.
Santosh Kumar, vice chairman, Anarock Group, says, “Plots have become a hot ticket for property investors in the market after the pandemic. Undoubtedly, well-chosen land offers higher returns on investment than apartments.
Unlike before, many large developers now offer this type of property and have increased the overall supply of this typology. It points out that it is no longer the bastion of small, unorganized players who want to grab land they cannot develop.
With the benefit of branding, the plotted growth has become respectable, and most buyers prefer to deal with big names. Now, this option is being offered by developers like DLF Limited, Raheja Group, Godrej Properties, Century Real Estate, Purvankara Provident Housing, Shriram Properties, Goyal Ganga, TVH and Alpha Corp, the report said.
According to Anarock, average plot prices in Medchal, Adibatla and Ghatkesar in Hyderabad saw an increase of 21 per cent, 24 per cent and 26 per cent respectively.